Sibneft Board of Directors Elects Chairman, Approves Business Plan

Moscow. February 9, 2006. The new Sibneft Board of Directors met for the first time today and elected Gazprom chief executive Alexey Miller as Sibneft’s new chairman. Directors also reappointed Sibneft Corporate Policy Department head Vladimir Novikov as secretary to the Board.

In addition, directors approved Sibneft’s business plan for the year 2006, which takes into account the company’s 50% stake in Slavneft. The plan forecasts consolidated crude oil production of 44.9 million tons (914,700 barrels per day), including 32.01 million tons (652,100 barrels per day) of production from Sibneft’s production units.

Oil refinery throughput is expected to reach 23.66 million tons (482,000 barrels per day), including 15.8 million tons at the Omsk Refinery; 3.16 million tons at the Moscow Refinery; and 4.7 million tons at the Yaroslavl Refinery (April-December). Exports to non-CIS destinations are forecast to reach 17.41 million tons of crude oil and 9.64 million tons of refined petroleum products. Sibneft also expects to sell 12.94 million tons of petroleum products domestically.

“The implementation of Sibneft’s approved 2006 business plan will facilitate stability in the company’s operations and also allow for the consolidation of Gazprom’s oil assets using Sibneft as a foundation,” said Sibneft president Alexander Ryazanov.